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tv   MONEY With Melissa Francis  FOX Business  August 25, 2012 12:00am-1:00am EDT

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join us. you might have heard other business networks talking about important this election is in dropping the ball, not covering it. them together beauty sleep. i told you before, i don't to be "money with melissa francis" is ex-. next. >> i'm sandra smith in for melissa francis. here is what is "money" tonight. stepping off the gold standard? momentum grows to make that part of the republican party platform as next week's convention. could resurrecting the monetary relic be answer to stronger economy? one of the top advocates joins us. the drought of 2012 is torch crops across the u.s. but may be putting huge potential profits for wine vineyards. a wine vineyard president is here to explain. anti-doing organization strips lance armstrong of
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his seven tour de france titles and hits him with a lifetime ban. we have the breaking details. even when they say it's not it is all about "money" sandra: first, here's a quick look at today's market headlines. stocks charging back after posting the worst loss in a month yesterday. in a series of newly-released letters to congressman darrell issa,, federal reserve chairman ben bernanke says the central bank has further means at its disposal to help the economy if necessary. the news boosted investors optimism that e fed will do more to stimulate the sputtering recovery. the dow closed up 100 points. shares of amazon jumping nearly 2% to close at an all-time high. wall street cheering the company's announcement of a major content distribution deal with nbc universal. the agreement is amazon's latest push to strengthen
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its amazon prime individual yes streaming service. gold prices edging out higher today as gold was up to 1672 an ounce was the highest since mid-april. the european central bank giving markets here at home a bump up today. stocks climbing on news the ecb is considering setting targets under a new bond buying program. that might seem logical but here's a twist on the eurozone crisis you may not have expected. the british paper, the independent, reporting that president obama asked the eurozone to keep greece as a member until after the presidential election. will this help or hurt his re-election bid? let's ask karl rove, former deputy chief of staff and senior adivsor to president george w. bush and fox news contributor. thanks for joining us, karl. >> you bet, sandra. sandra: so i guess the big question, what would be the president's motivation to do this? >> well, first of all we
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don't know whether the u.s. government has asked the european union to do this or not. sandra: right. >> but, look, president obama's campaign is risk adverse. they don't want new variables injected into the campaign. there were rumors earlier this year, reports in the israeli newspaper that is the government had asked the israelis not to take action against iran until after the election. and that's to be expected. if you are running presidential re-election campaign you don't like things that sort of intrude into the campaign. what is unusual if this is true, rather remarkable that the government would act on the instincts instead of simply keep them to themselves. sandra: karl, could this get in the way of voter confidence for the president if the president is making a decision, and he hasn't yet, if he did make a decision on the election and not in the best interests of the country? >> well i think it does undermine the view of the president as a strong leader. if you're seen doing things
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strictly for politics and not for good policy. the president is enured to that for a while. last year in the year run-up to the election most presidents try to get something big done. president obama in 2011 talked in the state of the union address, high-speed rail, high-speed internet and quote countless green jobs, not simpson-bowles entitlement reform. not budget reform, not reining in spending. not doing something about the deficit. not tax reform about three minor small ball items. it is indicative of the political mind set that governs in my opinion way too much what happens in the west wing of this particular administration. sandra: let's talk about where we stand today. the latest "fox news poll" shows the race is neck and neck. romney-paul ticket at 45% and obama-biden ticket at 44%. you've got to look at this as a tie i guess you would say. what is really going to help either of these candidates
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pull ahead? >> well, first of all it is interesting, remember just a couple weeks ago we had a fox poll that showed governor romney well behind president obama. so it shows the strength of this choice of paul ryan as his running mate. but look, this is going to be a close race. each campaign is going to need to take advantage of its convention. frankly governor romney has a slight advantage here because typically over the last, you know, 40, 50 years, the party that goes first with its convention get as bigger bounce typically than the party that goes, that follows with its convention. republican convention next week, democratic convention the week after. it will be a close election, no ifs, and or butts about it. it could widen out in the end. in all likelihood conventions will be key, debates will be key, frankly what the candidates do each and every day on the campaign trail could make a big difference if the president said as he did in roanoke, famous example, if
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you built a business, you didn't build that. someone wells did. that could be very important if either candidate makes a mistake like that. sandra: what is interesting, a "gallup poll" said as we enter the election, voters are souring on the candidates. not one or the other but both candidates because of this negativity and negative campaigns that they're both running and the attacks on each other. you knowhe voters seem to be losing a bit of confidence, karl. >> yeah, look, over the course of the summer it has been interesting. if you look pollster.com tracking favorables and unfavorables on candidates they have both come up. i wrote this in my column 24 week in the "wall street journal" one advantage, president obama has his negatives are lower than governor romney's but only by a couple of points. the advantage governor romney has is that his negatives are more diffuse. they're around the question is he a rich guy? is he outsourcer of jobs to china? is he weird, as the obama
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campaign likes to, like to suggest he is. president obama's obama problem his unfavorables are linked to performance in office. they think he has done a lousy job on economy, deficit, debt, health care. they really don't like obamacare. first democratic president in history to have negative rating on issue of handling of health care. his are more tied to the performance in office. it is easier for governor romney to sort of give people an explanation who he is and deal with these issues than it is for president obama to see a significant change in economic conditions which is the only thing in my opinion that will lead to an improvement in his handling of the economy. sandra: one thing is for sure, it is all about the economy as we head towards the election. karl rove, thanks so much for joining us tonight. >> you bet, thank you, sandra. thanks for having me. sandra: well with the gop presidential convention kicks off on monday and you know what part of their platform will be? a return to the gold standard. that's right. for the first time in 30 years, pegging the dollar to gold is taking center stage.
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so what is driving this decision? for insight i'm joined about the chairman of the american prince millions project. thank you so much for joining us, sir. >> thank you for having me. sandra: this is coming to a shock, as a shock to a lot of people because we said good-bye to this a long time ago. to even be talking about it today is a bit of a surprise. why are we talking about bringing this back? >> it is to be clear, the draft platform is floating the idea of a commission, proposing idea of a gold commission, not the gold standard itself. i think it is a very reasonable step given four decades of monetary policy on fiat money we've had failed to deliver on employment or price stability. sandra: we're not talking about the gold standard, pegging dollar to gold. we're talking about a commission? >> a commission. we're not going from where we are today in 41st on the standard without a national debate. the commission is a way to start the national debate
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which i think is long overdue. sandra: what is driving that system? >> the failure of the current system. what is the great promise of fiat money we're 40 years in. higher employment. clearly didn't deliver on that. higher appreciation. the dollar deappreciated 48% over several years. it brought us a spendthrift federal government and lot of debt. i think it is perfectly reasonable after 40 some odd years and reexamine the system. sandra: do you think we'll get anywhere with this debate? do you think anything will actually come of this? >> i think the american people are conclude onto this. you saw this in south carolina with newt gingrich floating the same idea, a gold commission. now stood i am in good stead in that primary race. this has popular appeal. there is general understanding in america that the middle class is doing poorly. that is true in the data. there is general distaste with with the way our current fiat money system is financing federal spending. there is real popular support for this particular policy. sandra: federal reserve chairman ben bernanke has dismissed the idea. he said the gold standard
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wouldn't work. we're talking about the gold commission. governor mitt romney was asked about it. he had sort of a lukewarm response to it. i believe that was in january. i'm not seeing a whole lot of support for this right now. do you think we're going, you're going to see that next week? >> so, i think we will see it. i think there is broad, grassroots support for this. i don't think america and i don't think american politicians right now have had the debate, we haven't had the public debate. we haven't had the education campaign. we don't understand exactly what are the shortcomings of the current system and what would a gold standard bring that is different. or lots of interim steps. what would will be the change in tax treatment of gold today that would allow states like utah that passed legislation last year, allowing their citizens to use gold as money, how would that ease us on the path to gold standard. sandra: that didn't seem to gather that much steam. we didn't see that much come out of the utah decision. >> because the irs's treatment of gold as property and not money, which is unconstitutional,
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really prohibits utah legislation from taking its effect in the state of utah. sandra: so i guess the other question would be, everybody is worried about inflation. the price of just about everything is going up. >> right. sandra: when you look what happened to the dollar and what's happened with gold, would this really solve concerns about what we have with inflation right now? >> this is a key problem. if you look at the last 40 years. you have the average household income in america, median household income go from 9 to $50,000. over the same time the dollar depreciated 80%. the average household made relatively little progress. most of the progress they made as a result of two income households growing relative to one income households. so there has been a lot of appearance of prosperity. a lot of appearance of progress without much of a substance. that is because of our failure to deliver price stability that is what the gold standard delivers. that's why we're having this debate because the middle class is not thriving under the current system. sandra: we'll definitely see what happens next week and what happens going into the
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election. thanks so much for joining us. well, nuclear negotiations break down with iran, tightening tensions around the strait of hormuz but more oil producer are scrambling to avoid the critical choke point all together. details on that are next. plus why the worst drought in half century could lead to a huge year for the country's vineyard industry. a midwest wine-maker is here to explain. more "money" coming up. [ female announcer ] need help keeping your digestive balance?
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snoid ♪ sandra: negotiations with iran broke down today, throwing more fuel on the fire of iran's threat to close the strait of hormuz in response to u.s. sanctions. now arab countries are expanding a system of pipelines that would bypass the strait, adding more than three million barrels a day in capacity. we want to bring in the president and chief analyst at the omni trading academy. oscar, thanks for joining us. >> thanks for having me, sandra. sandra: oscar, let's put this in perspective first. obviously the strait of hormuz is a choke point for
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oil across the globe. 20% of the world's consumed oil flows through there daily, about 17 million barrels. we're talking about three million added barrels of capacity in the pipeline. they're already carrying five million. what does it mean overall for the marketplace as we talk about this? >> well, as know that would give us over a 10 million barrel short fall, which would will be horrible, even at the best capacity, running through the alternative pipelines. there are several alternative pipelines that would take the oil to through the straits of oman, not through hormuz. however the slightest rattling they will close down the straits could propel crude above the 115 mark we saw in may last year. technically on the charts of course there is resistance on the way up. you could see resistance at the 99 1/2 level and 103 and 110. sandra: okay. >> okay. sandra: talking about triple
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digit oil prices if something were to happen but looking at this decision to actually add the pipeline capacity, one has to wonder how bad is it getting? are we expecting this threat to continue to increase? >> well, you know, as far as the threat, i have seen this in my life, involved in markets for over 30 years. whenever we're having a new president or a presidential election you do find that iran comes out of nowhere and starts to rattle that say per. we see it every major election for the president. so there is that. the other side of it, yes, i do think if they tried to shut down the straits i it would send crude prices sky rocketing, spiraling. that would not last more than a day or two before the u.s. reopens the straits. the u.s. said they would not allow the straits to be closed. despite the spike would be fast and furious but more opportunity to sell high-priced crude, which you ask me why they're racing to
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get the pipelines in place so they can quickly sell 150 crude if it goes that high, knowing it will probably come back down if the u.s. opens the straits back up. i think they're looking to gouge or take advantage of the flying crude prices if in fact we do have a problem there. sandra: considering the u.s. economy is still somewhat weak as we come out of the recession and our oil demand is way down here, we're the biggest oil consumer in the world, one would wonder what has oil prices up near $100 a barrel? do you think it is constant threats to this particular choke point in the world? >> i think that, plus you have china buying more crude now than ever before. china's slowly becoming player in the crude world that we have opinion for quite some time. where china now is taking any excess they can get out of the middle east and they need it. so that's not going away. but i will say this, you must notice this as well, if you drive down the street lately and look around to other cars around you, you see hybrid cars everywhere,
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every third car around you is a hybrid. so there is this big push in the united states and rest of the world to find alternative energy. that push isn't going to go away. the u.s. is starting to export natural gas now more than ever before and is looking literally to supply the world in natural gas. so again, i think that, it would will be short-lived for those reasons. sandra: all right. oscar, we have to leave it there. just real quick, what is your forecast for oil prices? >> you think oil prices could rally a little bit but it is really based on the u.s. dollar. u.s. dollar goes down, oil goes up. sandra: we'll be watching it. oscar, thanks for joining us. wine con sures rejoice. in a summer devastating most farmers some vineyards are seeing fruits of their labor. the drought is producing great wine. who knew? the hot dry season causing grapes in parts of midwest to be 2/3 their usual size and concentrating fruit flavor. here is gene from the
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vineyard in ohio. >> thanks for having us on to talk about ohio wine. sandra: one angle of this drought that appears to be something, you guys can at least celebrate. >> well, grapes are deep rooted, perennial plant and they tend to with stand hot dry spells very well. so even though our crop size is down we're excited by the chemistry we're seeing in vineyards. high sugars intense colors and very good flavors. doesn't come around all the time. sandra: doesn't -- sounds too good to be true. is drought have any effect on your business. >> farm something tough business. we had three mid-summer hailstorms, two years with early spring and frost injury. this year a drought. last year we had 100 year record rainfall for cleveland area broken. drought is easier to deal with compared to frost and rain that won't go away. sandra: so making your wine taste better but are you
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able to produce as much of it? >> no. we're going to see our production fall by 50%, and as i listened to your previous speaker talk about triple digit oil prices we're not going to see triple digit wine bottle prices. we sell in the 10 to $20 bottle range. it is very hard for us to leverage small crops to increase prices either for grapes or wine we sell. very competitive market for wine. we see better quality. sandra: gene, if it is taste better can you charge a little bit more since you're selling lots of it? >> the world market for wine is extremely competitive. it comes from all over the place, chile, argentina, europe, south africa, new zealanded california and also ohio. we struggle to get our name in the market and provide a consistent product in a competitive range. and so some years are little better than others. we try to try for average both in pricing and product we deliver to consumers. sandra: as i understand it you guys might have got lucky. there are certain variety you haed to planted couple
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years ago that would have required hot, dry weather. almost looks like you predicted the drought. >> we put in a lot of red grapes in the last five-year and they do very well in the hot, dry weather. so it has been a real blessing to have a good crop and right varieties coming to market at the right time. there is a lot of planting goes into vineyards and investment. takes five years to plant a vineyard to come into production. there is a lot of waiting and $20,000 an acre from the start the vineyard goes in to the time it starts to produce. it is what we do as farmers. we bury the money into the ground and wait for success. sandra: is this wine you buy right away or put in your cellular and drink five or 10 years from now. >> most of our wine is consumed relatively quickly. we're blessed with keeping up demand in limited supply. most of the wine has long been consumed. i tell people put away a
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good bottle of red wine in the cellar but we'll see how long it last. >> do you change the strategy next year? i hear you're kirnd about the fact that the hot dry weather might not go away anytime soon? >> i'm been farming grapes in ohio for 20 years. the last the years we've seen more variability with the rain and dry weather. i can't tell you what to expect. last year we had wettest year on record in 100 years. this year we had another drought. is it another drought next year another wet year? each year we kind of take what comes and do our best. sandra: thank you so much for sharing your story with us. gene sigel from deep bounty vineyards. >> thank you. sandra: the ultimate road rash for lance armstrong. the former cycling king stripped of his seven tour de france titles and banned from competitive sports for life. how quickly could the wheels fall off his multimillion-dollar endorsements? we have an expert's insight next. plus the u.n. moves to spend a $100 billion to fight climate change. how big a tab could u.s.
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taxpayers be stuck with? details coming up. do you ever have too much money? ♪
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san san it's official, lance armstrong's athletic career is over. the anti-doping agency stripped him of his titles barring him from competing or coaching professional sports the rest of his life. will he keep endorsement deals? i want to bring in two experts on this. fox sports radio host and editor-in-chief of bicycling magazine, peter flax. peter, starting with you. why do you think he stopped fighting the charges? i think the bicycling world says, what?
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>> incredible moment after watching him for 20 years, and i've never seen him give up before. he's always been someone who fought at all costs. to see him give up, it's a stunning moment, a calculated move. you know, test a taxable guy, and this was the least worst option. this was better than the alternative. san san he said he stopped fighting charges because it was hard on the family and causing stress. at the end of the day, the question is going to be, i'll go to the brick on this, what is this meaning for the endorsement deals? we heard from nike, and they want to keep him. this is his bread and butter. >> well, it's not good for his endorsement deals, but it's not going to be wiped out. lance is no longer a cyclist. he's a motivational speaker. he's a cancer survivor. he can walk into any banquet not introduced as the seven time winner of the tour de france, but a cancer survivor running a tremendous foundation that saves
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lives. clearly, his reputation is wiped out as a cyclist, but has to be healthy. he's a canr survivor. financially, he didn't want to go down this road anymore, and he has to wake up every day cancer free. he cannot have stress on his shoulders every day meeting with his attorneys and his legal team to clear his name. this is old news. america loves a comeback. in the next six months to a year, it is critical that he keeps his nose clean, lays low, and that as this goes away, his big endorsement deals stay with him. sandra: how much does he make from the endorsement deals right now? >> makes tens of millions of dollars for the foundation and other numbers go up and down from equity stakes in nutritional companies and drinks. nobody knows how much he makes, but a lot of the money he makes from speaking engagements and livestrong, he puts it back into
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the foundation. he's going to travel the world and try to save lives and keep pumping dollars into livestrong. he already went to a high profile divorce losing a lot of money. his pam earning years behind him, but he can raise money for the foundation. sandra: peter for this, it brings up the bigger question. lance armstrong is arguably the one who drew this attention to the world of cycling. i mean, knot everybody, especially in america, watched cycling before lance came around. it makes you wonder how pref leapt doping is in the sport. >> bigger in armstrong's era than today. you can see by the times athletes compete and race at, and the technology is better, they are still slower. fewer people seem to be having performances that seem suspicious. when he rode, everybody was doping. those who inherited yellow jerseys have been imicted of
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doping or -- convicted of doping or made settlements in the investigations. it was a time everyone was doing it. it is cleaner today. sandra: stop fighting the charges, does it change the sport today? >> no, i think the sport already changed. his legacy that transcends the sport is molded as we speak. you know, i think he still goes down in history as the greatest bike racers of all time. sandra: brick, when we look at the overall world of cycling compared to other sports out there, do we see the sports world lose interest in cycling if we think they are all doping like lance? is that the case right now? >> little to know people in this country care about cycling. i'll tell you this much. we talked about this being a calculated timing pr move. it was perfect. last week on the radio, all i talked about was melky, colon, major league baseball players
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who fail drug tests. this goes away because sports fans in this country don't care about competitive cycling the way they do with the nfl, major league baseball, but lance armstrong has got to be careful here because he's a high profile celebrity. he loves to live in the world of celebrity, and as long as he can get out there and walk the red carpet and tell everybody, look, everybody in the eye saying i never failed a drug test, i'm innocent, he's going to continue to do that. he's sticking by his story. sandra: last word to peter here. will he go down as the best cycling of all time? >> yeah, speaking on behalf of the millions of readers who care, he's the greatest cyclist of his generation. there's a cloud over him, but he's the greatest bike racer i ever saw. sandra: thank you, guys. the brick and peter, thank you. >> thank you. sandra: how to spend a hundred billion dollars. u.n. moves to dole out huge sums of cash to combat climate change.
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u.s. taxpayers foot the bill, but may not see a return. that's next. conventional wisdom, and why millions of americans pay off financial debt the most ineffective way possible. more "money" coming up. ♪
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>> the u.n. sets up the green climate fund pledging $100 billion in tackling climate where is the money coming from and what projects is it going to? here with the latest is katherine from the brookings institute. katherine, thank you for joining us. >> thank you, sandra.
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sandra: where is the $100 billion coming from? >> i hate to say it's a hundred billion dollar question, but there it is. in copenhagen three years ago, a deal was struck, developing countries would voluntarily come guard with plans and projects to reduce their carbon footprint, and the united states, europe, canada, and the like pledged $100 million to pay for it. in mexico, the idea of putting together a fund to help channel some of the money was put forward, and it was agreed in durbin last year. this week, parties, people from the developing world and developed world come together to say how the funds work. they put aside the question of where the money is going to come from. they are talking about the mechanics of how to use the money. sandra: really has not -- not much decided here. they have not decided where they will be headquartered, how to run it, how to operate and actually delegate funds. there's not a lot to be known here, but how much could the
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u.s. actually be on the hook here, do you think? >> well, there's, i think, going back to the first comment, i think there is something that we know because there's other examples of use of public funds to do things like invest in bus transit in mexico, to do wind programs in south africa and the like. we know how the use the funds in good ways. now, what's the u.s. tab going to be? unclear. there was an earlier pledge of $30 billion over three year period also made in copenhagen, and the u.s. put $1.7 billion on the table for that funneled. what they hope is the 1.7 leverages one to four dollars in the private sector funds or other funds from the world bank. a relatively modest amount. sounds big, but modest in the world of climate finance. sandra: katherine, i'm wondering, have they put together the most critical way
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to use the dollars before they go collect billions of dollars from the countries? >> well, i think that's what the donors and the contributors look for. they will be looking for really solid programs coming from developed countries saying how will you use the money? what reductions in the greenhouse gas emissions do you achieve from that as cost effective, how does innovation play in it, and how does it make the country resill yept? if you answer those questions, there's an appetite to put money in the fund. if they don't, may be more difficult. sandra: thank you for joining us. >> thank you. sandra: paying off your biggest debts first sounds like a financially responsible move, but research says it's not further from the truth. the author behind the ground breaking study has the details next. at the end of the day, it's all about "money." ♪
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sandra: breaking news. we have word now from the "the wall street journal" that a verdict was reached in the apple-samsung lawsuit with patents regarding technology in
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the gadgets, but a jury told the court they reached a verdict. that's all we have at this time. we'll update you as we have it. well, the average u.s. consumer has almost $5,000 of credit card debt, debt right now. if you're one of those people, you probably make payments on the highest ones with the interest rate, but new study by the journal of the marketing research says consumers should do the opposite. here to explain is the co-author of the study. thank you for joining us, david. >> thank you, sandra. sandra: explain that. it's contrary to what we think. higher interest, the higher debt, pay that first, but you say tackle the smaller loan? >> that's right. there's been two main strategies that people suggested for paying off debt. the first one, that you mentioned, pay off the higher interest balance first advocated by the u.s. government, most financial advisers add advocate
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that. on the other hand, there's a few financial gurus, people like dave ramsey says, you know, the math suggests it's rational to pay off largest balances first, but the psychology says small balances first to get motivated to get out of debt. sandra: what if i'm one of those people who just want to look at the numbers and see that, hey, i'm saving myself money, but rather than somebody who needs the motivation to continue. is this for everyone? >> right, it's not for everyone. if you are a self-disciplined person, like, you know you're going to do the rational thing, pay off the balance first and be motivated, it's not for you. for most people, we are human, we have psychological factors that influence us. we are not machines, and so for these people, getting motivated and staying motivated is important for getting out of debt. paying off small balances help them get out of debt according to what we found. sandra: okay, talk about the
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broader economy. okay, you might be a banker hearing this saying, oh, my gosh, could you imagine what that does to the economy if they let large interest rate loans sit outstanding tackling little debts. that could be problematic. >> well, in some ways it could be problematic. there's a tradeoff. on the other hand, it could be problematic if people tackle the higher balances first and ultimately just give up and don't stay motivated and stop making payments. you are accumulating extra interest paying off smaller balances first, but you are motivated and likely to get out of debt which is what we found. people who pay small balances first were more likely to get out of debt. sandra: david ramsey's school of thinking is not get into debt in the first place. >> that's the idea, of course. sandra: thank you for joining us. >> pleasure, thank you. sandra: nude and loathing in las vegas. how the city of sin plans to
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cash in on the princes naked rump. details next. you can never have too much "money." ♪
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♪ sandr a: we are joined by the
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fox business' own adam, and we learned this week what happens in vegas does not always stay in vegas. somebody partying with harry posted cheeky photos of him in the nude ending up on the cover of tabloids worldwide, and now the las las vegas tour has a new campaign to put the offender to shame. they are encouraging visitors to report people who post embarrassing pictures on facebook. does this make you more or less inclined to go to vegas, adam? >> i think you go to vegas if you're an adult for a couple reasons. one is to gamble. sandra: that's all that's done in vegas; right? >> no. if you're not a gambler, you go for other things you hope don't end up on the internet. the vegas tourism board doing this draws attention to things they probably would better just leave it be. sandra: more people go to vegas now that this happened like, oh, i can have that fun?
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>> well, the funny thing is vegas needs to give up what happens in vegas stays in vegas. what happens in vegas never stays in vegas. secondly, i'm surprised this is the first time pictures of prince harry have shown up naked because he loves the libations, and so i would think that you would have had this happen before, and so i'm surprised that it's just happening for him. sandra: poor prince harry. >> you know why it happened? the security detail takes the cell phones of people he's with, and so maybe the lesson here is if you're a celebrity or in the public view, what happens in vegas doesn't stay in vegas. sandra: copy that. next stop, a norweigan art gallery lost a rembrant etching they bought because they were trying to save money on delivery and insurance. cheapskates.
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this was shipped by snail mail, and when they picked it up, it was nowhere to be found. it's said to be worth up to $8600. does it ever pay to save money in situations like this? >> remind he of what my dad says, don't be a penny wise in a town foolish. it's so important, worth the money, spend the money, raise money to pay for it. do something. crazy. >> they should have taken out the insurance. i'm thinking about the cheap, for free retouching of the picture in spain. sandra: right, right, exactly. >> not a good week for the art world. sandra: "the thomas crown affair," and says, see this gets to the new york police. really? you think it makes it there? amazing how dumb thieves can be. two robbers were in masks as new york city detectives to steal nearly $200 thousands from a
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check cashing facility. they were so happy with the disguises they sent a thank you note to the company that actually help the cops nail them. it worked so well, they were in white masks, but they were actually black men. should they sell the masks to the public? >> sure. if they are convicted, they should get time off for good behavior. get? no one writes thank you notes. >> i love handwritten thank you notes. in this case. really? you were that the thing you wrote a thank you note. stupid on flightplan. >> that's right. >> mothers would be so proud iran there is a new study out that they the people who talk on their phones while driving are
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already unsafe drivers great they are just as likely to crash as they are without it. cell phone users drove more fast and had more rapid acceleration compared to those who rarely talk on their cell phones and drive. you guys ever talk to yourself on a drive? >> no comment, no comment. >> no, no, i will talk on a cell phone and mostly i try to do it the bluetooth device. >> do you know what i do know? the blackberry, not so good in new york city. i put my phone and backseats i'm not tempted to look at it. >> i would never do that. i do it sometimes myself, too. but i drive slower when i'm using my cell phone. people are worked up and they are on the storm's. gerri: i have to leave it there. adam shapiro, and thank you so
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much. keeping in touch. >> social media, are you one of those that just has to tell your friends what you're eating for breakfast? documenting the smallest details in your life? it all must come to an end some day. after all, you can send messages from the grave until now. yes, there is an application for that. facebook now has an application called if i die, or you can send private messages and even e-mails to friends and loved ones sent after you have passed away. i know people who died suddenly would like to have the chance to say those things that they always meant to say to somebody that they love. but personally, i think it is creepy. the next day you get an e-mail from them the day after they pass away. there is a reason why we spent a finite time on earth. death is one of the mysteries of life. i thought it would be great to send and receive e-mails from

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